Gurpreet Singh Acquires Development Site At 115-20 Atlantic Avenue For $3.17M

The transaction involves a development site located at 115-20 Atlantic Avenue in South Richmond Hill. The sale price was $3,170,000 for an asset with a total buildable square footage of 27,088, resulting in a price per buildable square foot of $117. The property includes a 12,000 square foot corner lot featuring a 5,300 square foot auto repair shop and a 2,200 square foot two-family house, which was delivered vacant at closing. The property boasts an overall square footage of 7,320, rendering a price per square foot of $433.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,170,000
• Address: 115-20 Atlantic Avenue
• Market: South Richmond Hill
• Buildable Square Footage: 27,088
• Price per Buildable Square Foot: $117
• Overall Square Footage: 7,320
• Price per Square Foot: $433
• Buyer: Gurpreet Singh
• Seller: Frederick Dorgler
• Buyer's Representative: Lucky Ghumman - Property Professionals Realty
• Seller's Representatives: Scott Plasky & William Stephan - Marcus & Millichap

The deal highlights the collaboration between various representatives, with Scott Plasky and William Stephan serving as the seller's representatives from Marcus & Millichap, while Lucky Ghumman represented the buyer from Property Professionals Realty. This transaction reflects active engagement in the development market with opportunities for similar development or retail projects available through the involved brokers.